I. It is part of the double-entry procedure that keeps the accounting equation in balance. II. It represents a decrease to assets. III. It represents an increase to liabilities. IV. It is on the right side of a T-account. Answer I and II. IV only. I, II, and III. I, II, III, and IV.

Which of the following is/are true about a "credit"?

I. It is part of the double-entry procedure that keeps the accounting equation in balance.
II. It represents a decrease to assets.
III. It represents an increase to liabilities.
IV. It is on the right side of a T-account.
Answer

		I and II.
		IV only.
		I, II, and III.
		I, II, III, and IV.

Answer
I, II, III, and IV.